{
  "id": "F02",
  "title": "China transformer panel radiators",
  "subtitle": "Sales-volume share | 110 kV-and-above transformer applications | 2025",
  "scope_banner": [
    "NARROW COMPONENT MARKET",
    "Not the total grid-equipment market"
  ],
  "year": 2025,
  "geography": "China domestic market",
  "market_definition": "Plate-type radiators for transformers rated 110 kV and above.",
  "metric": "Estimated market share by sales volume",
  "unit": "%",
  "segments": [
    {
      "label": "Youbang Radiator",
      "value": 14.72,
      "color": "#BE953E",
      "value_type": "Association estimate reproduced in issuer/sponsor regulatory disclosure",
      "note": "Association estimate"
    },
    {
      "label": "Other manufacturers",
      "value": 85.28,
      "color": "#467C78",
      "value_type": "Author-calculated residual; inherits association-estimate uncertainty",
      "note": "Calculated residual"
    }
  ],
  "calculation": "Other manufacturers = 100.00 - 14.72 = 85.28; total = 100.00%.",
  "precision": "Two decimal places as disclosed; no additional precision inferred.",
  "source": {
    "citation_id": "M09",
    "institution": "Youbang Radiator (Changshu) Co., Ltd. and China Securities Co., Ltd.; published by Beijing Stock Exchange",
    "title": "Response to the IPO application review inquiry for Youbang Radiator (Changshu) Co., Ltd.",
    "url": "https://www.bse.cn/disclosure/2026/2026-07-02/1782986791_985982.pdf",
    "published_date": "2026-07-02",
    "event_date": "Prepared June 2026; disclosed 2 July 2026",
    "statistical_period": "Calendar 2025",
    "read_date": "2026-10-08",
    "locator": "Printed p58; one-based PDF page59; zero-based PDF index58"
  },
  "evidence_method": "The Transformer Branch of the China Electrical Equipment Industry Association surveyed sales volumes of major domestic radiator-producing member firms, then extrapolated nationally. The issuer/sponsor filing reproduces the association estimate; it is primary evidence of the disclosure, not a census of the whole market.",
  "exclusions": "Products below 110 kV and other transformer cooling systems are outside the market definition. This chart does not describe all transformers or all grid equipment.",
  "limitations": [
    "Raw survey data, sample coverage, numerical numerator/denominator and extrapolation formula were not disclosed.",
    "The physical sales-volume unit was not specified.",
    "Financial consolidation entities and elimination of related-party/internal sales were not specified for the share numerator.",
    "Other manufacturers is a calculated residual, not separately observed data; no individual competitor share or total market volume was disclosed."
  ],
  "footnotes": [
    "Source [M09]: issuer/sponsor BSE reply, disclosed 2 July 2026, printed p58. China domestic market, 2025.",
    "Industry-association survey of major member manufacturers, extrapolated nationally; estimate, not a census.",
    "Other manufacturers = 100 - 14.72 = 85.28%. Source precision retained; residual inherits estimate uncertainty.",
    "Physical volume unit, sample coverage and consolidation/related-party exclusions were not disclosed."
  ],
  "dimensions": [
    2400,
    1880
  ],
  "colors": {
    "background": "#FAF7F0",
    "ink": "#172C36",
    "mustard": "#BE953E",
    "teal": "#467C78",
    "rule": "#B5A990",
    "banner": "#F0DFB4"
  },
  "rights": "Chart is an original visualization of disclosed figures; source PDF/page screenshots are not reproduced.",
  "alt_text": "Donut chart of estimated 2025 sales-volume share in China's market for plate radiators used on transformers rated 110 kV and above. Youbang Radiator: 14.72%; other manufacturers: 85.28%, calculated as the residual. This narrow component market is not the total grid-equipment market. The data is an association survey and national extrapolation reproduced in a BSE filing."
}